The New York Times announced Thursday publisher Arthur O. Sulzberger will retire by Dec. 31 and name his 37-year-old son, Arthur Gregg (A.G.) Sulzberger as his replacement.

"In a generational changing of the guard, Arthur Gregg Sulzberger, 37, will become the publisher of The New York Times on Jan. 1. His father, Arthur Ochs Sulzberger Jr., announced on Thursday that he was ceding the post to his son," the Times wrote in a story.

The new decision was approved by the board earlier Thursday. The senior Sulzberger, 66, will serve as the company's chairman as the younger Sulzberger becomes the sixth member of the Ochs-Sulzberger family to take over the paper since 1896.

"This isn’t a goodbye," Arthur O. Sulzberger wrote Times employees Thursday. "But, beginning in the new year, the grand ship that is The Times will be A. G.’s to steer."

Sulzberger started working as deputy publisher a little more than a year ago. His father has held the post for 25 years.

"I am a unapologetic champion for this institution and its journalistic mission," A. G. Sulzberger said. "And I’ll continue to be that as publisher."